Despite a brilliant start over a year ago, the web3 platform Friend.tech has never managed to unite its users, gradually falling into disuse. A major update recently deployed has locked the parameters of the protocol's smart contracts, possibly signaling its end.
Friend.tech revokes its smart contracts, no longer allowing its users to have control over them
As announced by the web3 social network Friend.tech on X, an update deployed on September 8 locked down the administration and ownership settings of smart contracts based on the protocol on a fixed address of type “0x000…000”.
This is a burn address, also called a “dead wallet”. This means that no one has access to the smart contract associated with this address and that anything sent to it is lost forever. In other words, smart contracts have been revoked on the protocol.
Admin and ownership parameters have been set to 0x000…000 to prevent any changes to their fees or functionality in the future.
This change does not affect the separate web client operated at https://t.co/YOHabcBL3H which will continue to function as is. No fees from either…
— friend.tech (@friendtech) September 8, 2024
In this way, Friend.tech ensures that no changes can be made in the future to the way its smart contracts work. The development team wanted to clarify that this update did not affect the web client which will continue to work as before.
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Although the platform appears to continue to operate, the revocation of control of smart contracts makes the development and addition of new features to the application impossible. This paradigm shift suggests that Friend.tech is on the end and that his days are numbered.
Launched last August on Coinbase's Layer 2 Base, Friend.tech quickly attracted the curiosity of the Web3 ecosystem. Its concept was seen as innovative. Indeed, the application allows to tokenize shares of a platform personality in exchange for exclusive content and private discussion channels.
A peak of activity was quickly reached on August 21. with a trading volume of $16.9 million. However, these numbers will never be reached again on Friend.tech.
Not even a week after this record, the volume drops drasticallyreaching “only” $1.61 million on August 27. The number of users of the platform also dropped, from 35,000 to 7,800 users over the same period.
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After a failed airdrop, the end seems very near for the protocol
However, Friend.tech tried to retain its users by implementing a points system. Every week, users collected maximum points with the aim of measuring their activity and their eligibility for a possible airdrop.
It was on May 3rd that this event occurred with the launch of the FRIEND token. However, the airdrop was a failure on several levels. Many users had difficulty claiming their tokenswhile those who managed to obtain it discovered that it could only be traded on the decentralized exchange Bunny Swap.
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Also, people who have obtained their tokens did not hesitate to liquidate them in order to recover a few dollarsThis caused the price of the cryptocurrency to collapse, going from $3 to about $1 in a matter of hours. From month to month, the price of the token has continued to erode.
With the announcement of the smart contracts lock, FRIEND price dropped by 30% againdropping below $0.07. With all these setbacks, it is hard to believe that Friend.tech will still be functional in the coming months.
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Source: friend.tech
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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